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VANCOUVER, Aug. 27 - Datawest Solutions Inc., a provider of banking and payment technology, has entered into a definitive acquisition agreement under which a Canadian subsidiary of Open Solutions Inc., a provider of integrated data processing technologies for banks and credit unions, will acquire all of the shares of the company.

Under the terms of the agreement, Open Solutions will offer total cash consideration of $1.23 (Cdn.) per common share for 29,824,126 common shares and $2.60 per preferred share for 5,000,000 preferred shares. The purchase price per common share is subject to downward adjustment.

This acquisition has been approved by Datawest's board of directors and is subject to approval by Datawest's shareholders, the Toronto Stock Exchange and the Supreme Court of British Columbia.

"Open Solutions is highly recognized in the financial services arena and has demonstrated a focused commitment to meeting the technological and service needs of the industry and their clients," Datawest CEO Darryl J. Yea said in a statement.

Open Solutions will operate Datawest through a wholly owned Canadian subsidiary, and Datawest will continue to be located and operate in its Vancouver and Oakville, Ont., offices.